Ah -- sweet, sweet retirement. That golden age in life where you can kick back, relax and enjoy your spoils; if you have the means to pay for it, of course.
Living in retirement often means living on a set budget. And since housing takes up the most significant portion of a retiree's budget, you may want to give this part extra thought.
Where are the best places to call home once you retire? Let's take a look:
- 🌞 Florida – Oh, the jokes we could have put here. But since our hearts cannot bear to laugh at the good people of Florida right now, we won't. Florida, as it is, is the most retiree-friendly state in the country. And not just because of the part where you don't have to pay any taxes on Social Security benefits, pensions, IRAs, 401(k)s, and other retirement income. Florida is also great because it has a temperate climate, low crime rates, and many doctors specializing in elder care.
- 🌴 Go Exotic – If Florida isn't tropical enough (or far enough away from your crazy daughter-in-law), might we suggest Portugal? It's one of the safest countries on the planet. And the best part? If you qualify for Non-Habitual Residence (NHR) status, you're exempt from paying income tax for the next ten years. And did we mention the beaches?
- 🏡 Your Kid’s House – Look. You raised him for 26 years (yeah, he was a little late on the launch) – so why not revisit that arrangement? You'd get to see the grandkids, play a hand in raising them, and you'll all gain a live-in support system. Of course, the downside here is that you may become the de facto babysitter and errand-runner.
- 🛏️ Hotel, Motel, Holiday Inn – This guy went viral in 2019 for announcing his plan to retire at a Holiday Inn in Texas. He did the math, and we can't argue with it – the average nursing home costs $188 per day, and at the time, the popular hotel chain was charging $59.23 per night using the long-term stay and senior discounts. Then when you factor in the (decent) complimentary breakfast in the lobby and the occasional happy hour, it's really a budget-friendly option. The downside? It's a Holiday Inn.
- 👵 The Home – We can't discuss retirement housing options without mentioning "The Home". But don't cue up the sad music just yet. When we talk about retirement homes and senior care complexes, it's important to know that there's a vast range of environments and price points. Depending on your level of independence and health, there are options all the way from 24/7 monitored care to individual condos in a community setting.
🔥 The Bottom Line: There are endless possibilities for finding a place to call home during retirement. Some ideas that didn't make the list include living on a boat, touring the country in a camper van, and last but definitely not least — the senior nudist community.
Where you end up largely depends on your personal preferences, goals, wants, and wishes -- and financial situation. Working with a financial advisor is the best way to set your plans in place for a lovely, clothes-optional retirement.
Guess what? The President doesn't care about your retirement...but your local & state government reps can have a huge impact on how it goes when your time comes! Here’s three small things you can do that make a BIG impact:
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